US authorities have sentenced 79-year-old California resident Terrence Patrick Goggin to one year and one day in jail. They have further ordered a restitution of $685,000 for money laundering.
Goggin, a former California State Assemblyman and attorney, pleaded guilty to money laundering in 2019. He was the founder and CEO of Metropolitan Coffee and Concession Company, LLC (MC2). Between 2007 and 2014, Goggin solicited investor money to build Peet’s Coffee retail centers, receiving investments of over $685,000 from various investors. However, Goggin falsely represented to these investors the way their money would be used. In reality, he planned to use the funds otherwise.
Goggin also failed to provide the investors with accurate information about the state of MC2’s finances. In September 2013, Goggin had the $685,000 in investment funds diverted to other bank accounts linked to business ventures that the investors were unaware of.
Source: US Department of Justice